The largest metropolitan area in the state of Minnesota is the greater Minneapolis St. Paul area and it has become popular place for new home owners. The hottest areas for Minneapolis condominiums are North Warehouse District, North Quadrant Region, and St. Paul's Lowertown, you can find many condo developments along the Mississippi river.
Many of these condos were conversion or factory and warehouse buildings that had stable foundation and solid structures for the conversion. Some of these Minneapolis condominiums can range from $400,000 in the lower end to over $1,800,000 for a luxury penthouse condos. There also number of high rise new developments and luxury condos with spectacular view of the skyline are available.
Even with the current down market, the Minneapolis condominiums market has likely seen bottoming of prices, the reason inventories of downtown Minneapolis condos that are under $400,000 is dwindling and very few new construction is happening in the market. Many experts are seeing price stability in North Loop and Mill District area where prices can be affordable at $300,000.
But if you are thinking about selling your Minneapolis condominiums remember the average days on the market has increase 28 percent over last year to 108 days. But the inventories have declined for downtown as available condos for sale have declined by about 30 percent.
The good news is that the average price have increased 6 percent. Although foreclosure rate about 35 percent in great Twin Cities real estate market, the Minneapolis condominiums have remained at about 8 percent far below national levels.
Although the market is low at this point the spring will bring new wave of home buyers who are looking for good deals in this buyers market, make sure you have patience to wait out for the right buyer at the right price. The real estate market will rebound from the lows.